Macau casino revival depends on Chinese fun police 14 Sep 2016 After an anti-corruption campaign on the mainland crushed gaming revenues in the Chinese gambling enclave, signs of recovery are starting to emerge. But magnates like Sheldon Adelson and Steve Wynn will have to deliver on family-friendly promises to avoid another smack-down.
Bets on Macau run ahead of reality 4 May 2016 Gaming revenues are falling less steeply in China’s gambling enclave, and could stabilise this year after crashing a third in 2015. But the move away from VIPs remains a work in progress. Investors in Sands China, Wynn Macau and others are getting ahead of themselves.
Macau investors look for end to long losing streak 2 Jul 2015 Shares in the enclave’s battered casinos rallied after June gambling revenues declined less than expected and the government loosened visa rules. Much of the bad news is priced in. Yet China’s ongoing graft crackdown precludes a speedy rebound. And valuations are still stretched.
Macau’s casinos worryingly reliant on high-rollers 3 Nov 2014 A drop in big spenders could push Macau gambling revenue to its first annual drop on record. Forecasts for next year still seem too optimistic. If VIP gamblers shrink in number, the likes of Galaxy Entertainment and Wynn Macau would be especially hard hit.
Macau casino stocks facing slower-growth future 26 Sep 2014 The enclave’s gambling revenue has fallen for three months, even as hotels remained full and visitor numbers grew. China’s anti-graft crackdown and weak economy deterred high-rollers. Many won’t be back. Though mass-market gamers can keep Macau expanding, the pace will be slower.
Sands looks best set to weather Macau’s slowdown 17 Jul 2014 The casino operator reported a 16 percent yearly drop in high-roller gaming volumes. But those players, symptomatic of China’s financial excesses, are fickle. Higher-margin mass players, driven more by healthy economic trends, look resilient, and Sands should benefit.
Macau revenue drop augurs further slowdown 2 Jul 2014 Online betting on soccer’s World Cup may have contributed to the first year-on-year drop in the enclave’s gaming revenue since 2010. Fewer high rollers and a credit card crackdown didn’t help. That’s okay as long as tourist numbers keep rising. But future growth may be bumpier.
Rob Cox: China Macau tolerance won’t last forever 17 Jun 2014 The scale of the transformation of this former Portuguese colony into China’s gambling den is extraordinary. Each year it creates the equivalent of a new Las Vegas in revenue. But Beijing will eventually exercise more sway over the house’s winnings. Glimmers are already evident.
Macau casino stocks have further to fall 14 May 2014 A crackdown on the use of China UnionPay cards in the gambling enclave is the latest scare for investors. Restrictions on cash transfers will dent growth. Though casino stocks are down 19 pct since early March, earnings multiples still don’t leave much room for disappointment.
Macau casino stocks are priced for perfection 28 Feb 2014 A building boom will expand capacity in China’s gambling enclave. But to justify their valuations, casinos not only need to attract more punters but encourage them to spend more at the tables. Any slowdown in visitor numbers or increased competition could test excited multiples.
Tokyo looks most credible new Asia casino capital 23 Dec 2013 Asian countries from Malaysia to Sri Lanka are lining up to steal gaming business from heavyweight Macau. Regional resorts could catch a spillover of high rollers, though taxes and geography matter. Japan may have the best chance of turning gambling into big business.
Macau’s high rollers cut bets as China’s odds dim 26 Jul 2012 Weaker profits at Las Vegas Sands suggest mainland gambling fanatics are taking a breather, including VIPs. There might be more at stake than just gaming profits: in better times, Sands owner Sheldon Adelson offered to wager $100 million on Mitt Romney’s U.S. presidential bid.